Audit Standard No

question 70

Multiple Choice

Audit Standard No.5 by the PCAOB encourages the external auditor to utilize the work of which of the following?

• A)experts.
• B)internal auditors.
• C)independent valuation professionals.
• D)internal officers of the company.

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Definitions:

Employment

Refers to the condition of having a paid job or being engaged in an activity that generates income.

Complement Labor

Labor types or skills that enhance or supplement each other in the production process, increasing overall productivity.

Marginal Product

The additional output produced as a result of employing one more unit of a particular input, holding other inputs constant.

Machines

Mechanical or electrical devices that perform tasks, usually operated by power or manual effort, designed to aid in work or accomplish specific functions.